Need help - Would you take a paycut to work in the FO?
Hi guys,
Would like to get some inputs from you all. I just graduated about 2 years back and am currently working in the credit risk team of a BB in Singapore.
I recently got an offer to work for the DCM team in a smaller bank. However, it is a one year contract role (with a high chance of conversion). The salary isn't as high as what I'm getting now even though it is a FO role). HR said the pay may be revised after conversion to a full-time.
If you were in my shoes, will you take the offer to work in the FO for slightly lesser pay? My main considerations are that I don't want to be stuck doing risk for the rest of my life (the work gets really mundane and boring), and I understand it gets more difficult to transit from BO to FO.
Thanks a lot in advance!
anyone? Thanks in advance
A couple of considerations here:
From the sounds of it, a lateral move within the current firm isn't a possibility? If that's the case, and I was in your shoes with this only option, I'd probably take the pay cut.
Assuming you're not financially underwater and that the salary difference wouldn't be that huge (since this is at the junior level), I'd say its a risk worth taking just from a career development point of view if you don't want to stay in credit risk. The DCM role will arguably make you more marketable and would set you up for more opps (and money) ahead. Short term pain for long term gain.
Another consideration is just how much smaller is this new bank and what's their deal flow/positioning like in the market. Smaller isn't necessarily bad but still something to think about.
2nd this.
Also remember, your current pay and the cut you would be taking is a drop in the bucket compared to what DCM could set you up for compared to staying in credit risk.
Add on the fact you don't want to be doing Credit Risk long term and I think that should put you in a good position to consider accepting your new offer.
Great, thanks guys for the advice.
I am inclined to go for the FO role, albeit it comes with a lower pay for now. I think this should be the right decision for my long-term career.
Welcome additional inputs!
Is this SocGen?
Yes, Pay at your age isn't the focus. Your experience is.
You can rank up pay very quickly once you get the right experience. eg. Do DCM for a 2-3 years and then move to a BB DCM team.
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